MakerDAO’s Dai Stablecoin and MKR are Live on Wanchain, Bringing Interoperability with Bitcoin
Communities. The word has started taking on many meanings, especially if you’re in the cryptocurrency space. ‘Communities’ is often used to describe the many different tribes within the world of crypto. However, the word ‘community’ of course also still describes the group of people who live near you and share common language, values, culture, or understanding. Communities also can be used to describe others — other physical communities in other geographies with different customs, currencies, food, or beliefs.
Wanchain’s vision also involves communities in the traditional sense of the word, as well as communities within the cryptocurrency industry. That vision is to connect and empower communities. In order to connect the people of the world and empower them through our decentralized financial technology, we must first connect the communities of the crypto industry.
Today we welcome MakerDAO to our community as we launch the Dai and MKR ERC20 tokens on our mainnet in the Wanchain-wrapped form. We are happy to further connect MakerDAO to the Bitcoin community and the many other communities being connected with Wanchain-wrapped ERC20 tokens, and our core technology partners like Chainlink.
The Dai stablecoin is now live on Wanchain’s mainnet with the recent release of Wanchain 3.0. The Dai token will utilize Wanchain’s cross-chain functionality allowing for Bitcoin to be exchanged for Dai in a fully decentralized manner and to potentially add Bitcoin to its collateralized debt position in addition to Ether (MakerDAO is working on multi-collateral Dai).
“We are excited that Wanchain has launched their version 3.0 platform with Dai and MKR integration on their blockchain,” said MakerDAO CEO and Co-Founder, Rune Christensen. “As we seek to grow the use cases and stability of our tokens, Wanchain’s interoperability solution adds significant potential for Dai. For a stablecoin to see true mass adoption, cross-chain functionality is a must-have.”
“MakerDAO was the clear choice for us as we aimed to integrate the top stablecoin into our crypto finance infrastructure,” said Wanchain CEO and Founder, Jack Lu. “For us to achieve our goal of becoming one of the key cross-chain finance hubs of the Web 3.0 economy, Dai and MKR are critical components in laying the foundation. We look forward to seeing the many use cases this integration will generate.”
What is Dai?
Dai is the stablecoin from MakerDAO backed by collateralized debt positions in Ether.
What is MKR?
MKR is the second token in the MakerDAO ecosystem that serves multiple purposes. MKR helps stabilize the price of Dai as the system can generate or burn MKR to keep the price of Dai as close as possible to $1 USD. MKR is also used in MakerDAO’s governance model. Holding MKR token offers MakerDAO’s community the right to vote in Maker’s decentralized voting system. The MKR token will also be live in Wanchain following the mainnet release of this ERC20 integration later in Q4.
Wanchain 3.0 — Bridging Bitcoin to Ethereum and ERC20s
Wanchain 3.0 launch means Wanchain now connects Bitcoin, Ethereum, and several ERC20 tokens. This launch is of major significance to leaders of Ethereum-based projects, as well as any project that requires interoperability. Upon launch of Wanchain 3.0, any dApp, protocol, DEX, or other project built on Ethereum can now break down the wall between their network and the community of Bitcoin users. For example, decentralized exchanges will now be able to offer Bitcoin trading pairs. New pairs on decentralized exchanges in the Wanchain-wrapped BTC token will allow for drastic increases in trades and liquidity for the space at large. Other use cases for this cross-chain capability could include cross-chain crypto loans, bringing Bitcoin to any application currently limited to Ethereum, or a cross-chain payment applications. The opportunities cross-chain with Bitcoin, Ethereum, and ERC20s like Dai will bring for Wanchain and the industry are quite exciting.
Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).
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Dan Reecer — firstname.lastname@example.org